‘In 2023 India is a big deal…’: American economics blogger Noah Smith on India becoming most populous country
An American blogger and economics commentator Noah Smith has released a compilation of statistics and his analysis to indicate, how in the coming time, India can use their demographic dividend and make a mark on global economics.
New Delhi: As per the latest reports by United Nations, India has surpassed China to become the most populous country in the world. An American blogger and economics commentator Noah Smith has released a compilation of statistics and his analysis to indicate, how in the coming time, India can use their demographic dividend and make a mark on global economics.
Young population
India, now the world’s largest country, has emerged as a global economic powerhouse and a massive presence in the online world.
Let’s welcome it.https://t.co/ZcRmbz3JPj
— Noah Smith ??? (@Noahpinion) April 28, 2023
According to a report by The Economist, China’s population is concentrated in the 30-60 age range, while India’s population is majorly between 0 and 40. The median age in China stands close to 37-38 while the same in India is about 22-23. With these numbers, Noah Smith argues that India cannot be ignored on the global front.
GDP growth
Smith stated that India started economic growth about 10 years later than China and the same is reflected in the GDP per capita numbers. However, looking at the current economic growth and World Bank concluding India’s poverty reduction to be spectacular despite Covid-19, he argues that 2023 will be India’s year as 2007 was China’s.
Industrial growth and manufacturing
India has increased the share of GDP spent as the capital expenditure on railways and roads and cited new highways and Vande Bharat Express as proof of the same. Adding to the same, he noted that a weakness of India’s population dividend is a lack of education and hopes India’s government prioritises education.
He cited the Agglomeration Effect and wrote that companies want to locate close to the workers and suppliers while employees want to stay close to the employers, which makes Asia a great location for markets to flourish. Apple coming up with two retail stores in India is an example of the same. He cited that in 2021, only 1 percent of iPhones were made in India and two years later, about 7 percent of iPhones are made in India.